1/ The December 31, 2018 (pre-closing) adjusted trial balance for Kline Enterprises was as follows:
Account Title | Debit | Credit | ||||
Accounts payable | 108,000 | |||||
Accounts receivable | 188,000 | |||||
Accumulated depreciation - equipment | 278,000 | |||||
Common stock | 508,000 | |||||
Cash | 44,000 | |||||
Cost of goods sold | 498,000 | |||||
Depreciation expense | 78,000 | |||||
Equipment | 736,000 | |||||
Interest expense | 8,000 | |||||
Inventory | 168,000 | |||||
Note payable (due in six months) | 78,000 | |||||
Rent expense | 48,000 | |||||
Retained earnings | 84,000 | |||||
Salaries and wages payable | 26,000 | |||||
Sales revenue | 824,000 | |||||
Salaries expense | 138,000 | |||||
Totals | 1,906,000 | 1,906,000 | ||||
Required:
Assuming no income taxes, compute the Kline's 12/31/18 total
current liabilities:
Current liabilities |
2/ Suppose that Laramie Company’s adjusted trial balance ignored
the following information. Indicate what effects, if any, these
omissions would have on the stated components of Laramie Company's
2018 Income Statement and 12/31/18 Balance Sheet. Assume no income
taxes.
Additional Information | 12/31/18 Assets | 12/31/18 Liabilities | 12/31/18 Owners’ Equity | 2018 Net Income | ||||
The estimated uncollectible accounts receivable is now zero and should be $43,000. |
a) | Kline Enterprises total current liabilities = | |||||||||
Accounts payable+Salaries and wages payable+Note payable (due in six months) | ||||||||||
=108,000+26,000+78,000 | ||||||||||
212000 | ||||||||||
b) | ||||||||||
Additional Information | 12/31/18 Assets | 12/31/18 Liabilities | 12/31/18 Owners’ Equity | 2018 Net Income | ||||||
The estimated uncollectible accounts receivable is now zero and should be $43,000. | O | 43000 | N | O | 43000 | O | 43000 | |||
1/ The December 31, 2018 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Account...
The December 31, 2021 (pre-closing) adjusted trial balance for Kline Enterprises was as follows: Account Title Debit Credit Accounts payable 107,000 Accounts receivable 187,000 Accumulated depreciation—equipment 277,000 Common stock 507,000 Cash 43,000 Cost of goods sold 497,000 Depreciation expense 77,000 Equipment 734,000 Interest expense 7,000 Inventory 167,000 Note payable (due in six months) 77,000 Rent expense 47,000 Retained earnings 82,000 Salaries payable 25,000 Sales revenue 821,000 Salaries expense 137,000 Totals 1,896,000 1,896,000 Required: Compute Kline's 12/31/2021 total shareholders equity:
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Overstated, Understated, or No effect Suppose that Laramie Company's adjusted trial balance ignored the following information. For each item, indicate what effects, if any, these omissions would have on the stated components of Laramie Company's 2021 Income Statement and 12/31/2021 Balance Sheet. Assume no income taxes. 12/31/2021 Assets 12/31/2021 Liabilities 12/31/2021 Owners' Equity Additional Information The estimated uncollectible accounts receivable is now zero and should be $31,000 2021 Net Income
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